(ix) such insurance shall contain a waiver of subrogation in favor of both Owner and Manager; and  
(x) such insurance will be issued by an insurer of recognized reputation and responsibility which is satisfactory in the reasonable discretion of the Owner. (d)    Manager shall provide to Owner prior to the first operation of the Aircraft under Manager's Policies an insurance certificate reflecting the coverage required by the Agreement and thereafter, when it becomes available, a copy of the policy showing the applicable coverages. Manager shall provide Owner an insurance certificate upon renewal annually. 5.2    Additional Manager's Insurance Obligations. During the Term, Manager will maintain in full force and effect, at its own expense: (a)    Workers' Compensation Coverage that provides applicable statutory benefits and Employer Liability Coverage in an amount of not less than $500,000, or such higher amount required by any applicable law, covering all employees of Manager;  
(b)    Premises General Liability insurance, including hangarkeeper's liability coverage and including premises liability coverage, in the amount of $25,000,000 per occurrence,   
Owner Initials: \_\_\_        Manager Initials: \_\_\_\_\_